Bitcoin Buying Frenzy: Hedge Funds Buy BTC, Says Mike Novogratz
We’re four days and about ten hours ahead of the Bitcoin halving and the crypto market looks pretty mixed at the moment of writing this article.
Bitcoin is trading in the green, and the king coin is priced at
$9,288.19 on CoinMarketCap.
There are all kinds of optimistic predictions that are flooding the crypto industry these days ahead of the important event.
Hedge funds are moving into the crypto space
Michael Novogratz said that he is sticking with BTC as the hedge funds are moving into the crypto space.
In a new CNBC interview, the crypto investor said that we have massive economic uncertainty these days, but as the halving is getting nearer and the markets are reacting to extreme measures.
He’s referring to extreme measures that are enacted by central banks and fiscal agents, which created a situation in which we have never been before, people will definitely make their move.
“I think there will be a push to hard assets,” Novogratz said.
Despite the fact that there are various types of hard assets starting with real estate to raw materials such as gold and oil, Novogratz is sticking with crypto.
“I love Bitcoin. Next Tuesday we have the Bitcoin halving where the inflation rate gets cut in half. So you talk about inflation and fiat currencies where the Fed is printing money like it’s a money printing machine. And in the Bitcoin space, the money supply gets cut 50%,” he said.
He continued and explained that there’s a “Big deal there. We’re seeing lots of new investors in that space. Hedge funds that are buying it, not just individual managers.”
He also made sure to point out that we can expect some announcements soon and overall, everything’s positive in the crypto space.
Stay tuned for more Bitcoin-related news ahead of the much-awaited event.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.